The Firm of Nucingen, Honoré de Balzac [pdf to ebook reader txt] 📗

his work was weighed out to him in hanks, and he brought back the same weight of woven tissue; now he made up his mind that the silk merchants were oppressing him; he put honesty out at the door and rubbed oil on his fingers. He still brought back weight for weight, but he sold the silk represented by the oil; and the French silk trade has suffered from a plague of 'greased silks,' which might have ruined Lyons and a whole branch of French commerce. The masters and the government, instead of removing the causes of the evil, simply drove it in with a violent external application. They ought to have sent a clever man to Lyons, one of those men that are said to have no principle, an Abbe Terray; but they looked at the affair from a military point of view. The result of the troubles is a _gros de Naples_ at forty _sous_ per yard; the silk is sold at this day, I dare say, and the masters no doubt have hit upon some new check upon the men. This method of manufacturing without looking ahead ought never to have existed in the country where one of the greatest citizens that France has ever known ruined himself to keep six thousand weavers in work without orders. Richard Lenoir fed them, and the government was thickheaded enough to allow him to suffer from the fall of the prices of textile fabrics brought about by the Revolution of 1814. Richard Lenoir is the one case of a merchant that deserves a statue. And yet the subscription set on foot for him has no subscribers, while the fund for General Foy's children reached a million francs. Lyons has drawn her own conclusions; she knows France, she knows that there is no religion left. The story of Richard Lenoir is one of those blunders which Fouche condemned as worse than a crime."

"Suppose that there is a tinge of charlatanism in the way in which concerns are put before the public," began Couture, returning to the charge, "that word charlatanism has come to be a damaging expression, a middle term, as it were, between right and wrong; for where, I ask you, does charlatanism begin? where does it end? what is charlatanism? do me the kindness of telling me what it is _not_. Now for a little plain speaking, the rarest social ingredient. A business which should consist in going out at night to look for goods to sell in the day would obviously be impossible. You find the instinct of forestalling the market in the very match-seller. How to forestall the market--that is the one idea of the so-called honest tradesman of the Rue Saint-Denis, as of the most brazen-fronted speculator. If stocks are heavy, sell you must. If sales are slow, you must tickle your customer; hence the signs of the Middle Ages, hence the modern prospectus. I do not see a hair's-breadth of difference between attracting custom and forcing your goods upon the consumer. It may happen, it is sure to happen, it often happens, that a shopkeeper gets hold of damaged goods, for the seller always cheats the buyer. Go and ask the most upright folk in Paris--the best known men in business, that is--and they will all triumphantly tell you of dodges by which they passed off stock which they knew to be bad upon the public. The well-known firm of Minard began by sales of this kind. In the Rue Saint-Denis they sell nothing but 'greased silk'; it is all that they can do. The most honest merchants tell you in the most candid way that 'you must get out of a bad bargain as best you can'--a motto for the most unscrupulous rascality. Blondet has given you an account of the Lyons affair, its causes and effects, and I proceed in my turn to illustrate my theory with an anecdote:--There was once a woolen weaver, an ambitious man, burdened with a large family of children by a wife too much beloved. He put too much faith in the Republic, laid in a stock of scarlet wool, and manufactured those red-knitted caps that you may have noticed on the heads of all the street urchins in Paris. How this came about I am just going to tell you. The Republic was beaten. After the Saint-Merri affair the caps were quite unsalable. Now, when a weaver finds that besides a wife and children he has some ten thousand red woolen caps in the house, and that no hatter will take a single one of them, notions begin to pass through his head as fast as if he were a banker racking his brains to get rid of ten million francs' worth of shares in some dubious investment. As for this Law of the Faubourg, this Nucingen of caps, do you know what he did? He went to find a pothouse dandy, one of those comic men that drive police sergeants to despair at open-air dancing saloons at the barriers; him he engaged to play the part of an American captain staying at Meurice's and buying for export trade. He was to go to some large hatter, who still had a cap in his shop window, and 'inquire for' ten thousand red woolen caps. The hatter, scenting business in the wind, hurried round to the woolen weaver and rushed upon the stock. After that, no more of the American captain, you understand, and great plenty of caps. If you interfere with the freedom of trade, because free trade has its drawbacks, you might as well tie the hands of justice because a crime sometimes goes unpunished, or blame the bad organization of society because civilization produces some evils. From the caps and the Rue Saint-Denis to joint-stock companies and the Bank----draw your own conclusions."

"A crown for Couture!" said Blondet, twisting a serviette into a wreath for his head. "I go further than that, gentlemen. If there is a defect in the working hypothesis, what is the cause? The law! the whole system of legislation. The blame rests with the legislature. The great men of their districts are sent up to us by the provinces, crammed with parochial notions of right and wrong; and ideas that are indispensable if you want to keep clear of collisions with justice, are stupid when they prevent a man from rising to the height at which a maker of the laws ought to abide. Legislation may prohibit such and such developments of human passions--gambling, lotteries, the Ninons of the pavement, anything you please--but you cannot extirpate the passions themselves by any amount of legislation. Abolish them, you would abolish the society which develops them, even if it does not produce them. The gambling passion lurks, for instance, at the bottom of every heart, be it a girl's heart, a provincial's, a diplomatist's; everybody longs to have money without working for it; you may hedge the desire about with restrictions, but the gambling mania immediately breaks out in another form. You stupidly suppress lotteries, but the cook-maid pilfers none the less, and puts her ill-gotten gains in the savings bank. She gambles with two hundred and fifty franc stakes instead of forty sous; joint-stock companies and speculation take the place of the lottery; the gambling goes on without the green cloth, the croupier's rake is invisible, the cheating planned beforehand. The gambling houses are closed, the lottery has come to an end; 'and now,' cry idiots, 'morals have greatly improved in France,' as if, forsooth, they had suppressed the punters. The gambling still goes on, only the State makes nothing from it now; and for a tax paid with pleasure, it has substituted a burdensome duty. Nor is the number of suicides reduced, for the gambler never dies, though his victim does."

"I am not speaking now of foreign capital lost to France," continued Couture, "nor of the Frankfort lotteries. The Convention passed a decree of death against those who hawked foreign lottery-tickets, and procureur-syndics used to traffic in them. So much for the sense of our legislator and his driveling philanthropy. The encouragement given to savings banks is a piece of crass political folly. Suppose that things take a doubtful turn and people lose confidence, the Government will find that they have instituted a queue for money, like the queues outside the bakers' shops. So many savings banks, so many riots. Three street boys hoist a flag in some corner or other, and you have a revolution ready made.

"But this danger, however great it may be, seems to me less to be dreaded than the widespread demoralization. Savings banks are a means of inoculating the people, the classes least restrained by education or by reason from schemes that are tacitly criminal, with the vices bred of self-interest. See what comes of philanthropy!

"A great politician ought to be without a conscience in abstract questions, or he is a bad steersman for a nation. An honest politician is a steam-engine with feelings, a pilot that would make love at the helm and let the ship go down. A prime minister who helps himself to millions but makes France prosperous and great is preferable, is he not, to a public servant who ruins his country, even though he is buried at the public expense? Would you hesitate between a Richelieu, a Mazarin, or a Potemkin, each with his hundreds of millions of francs, and a conscientious Robert Lindet that could make nothing out of assignats and national property, or one of the virtuous imbeciles who ruined Louis XVI.? Go on, Bixiou."

"I will not go into the details of the speculation which we owe to Nucingen's financial genius. It would be the more inexpedient because the concern is still in existence and shares are quoted on the Bourse. The scheme was so convincing, there was such life in an enterprise sanctioned by royal letters patent, that though the shares issued at a thousand francs fell to three hundred, they rose to seven and will reach par yet, after weathering the stormy years '27, '30, and '32. The financial crisis of 1827 sent them down; after the Revolution of July they fell flat; but there really is something in the affair, Nucingen simply could not invent a bad speculation. In short, as several banks of the highest standing have been mixed up in the affair, it would be unparliamentary to go further into detail. The nominal capital amounted to ten millions; the real capital to seven. Three millions were allotted to the founders and bankers that brought it out. Everything was done with a view to sending up the shares two hundred francs during the first six months by the payment of a sham dividend. Twenty per cent, on ten millions! Du Tillet's interest in the concern amounted to five hundred thousand francs. In the stock-exchange slang of the day, this share of the spoils was a 'sop in the pan.' Nucingen, with his millions made by the aid of a lithographer's stone and a handful of pink paper, proposed to himself to operate certain nice little shares carefully hoarded in his private office till the time came for putting them on the market. The shareholders' money floated the concern, and paid for splendid business premises, so they began operations. And Nucingen held in reserve founders' shares in Heaven knows what coal and argentiferous lead-mines, also in a couple of canals; the shares had been given to him for bringing out the concerns. All four were in working order, well got up and popular, for they paid good dividends.

"Nucingen might, of course, count on getting the differences if the shares went up, but this formed no part of the Baron's schemes; he left the shares at sea-level on the market to tempt the fishes.

"So he had massed his securities as Napoleon massed